Express actual authority - Study guides, Class notes & Summaries

TEST FOR ADJUSTER PRO, FLORIDA STUDY(QUESTIONS AND ANSWERS)A+ GRADED EXAM 2023-2024 - CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking on...

Accident Insurance - Answer Covers expenses associated with a covered accident and can extend to ambulance and emergency room expenses, intensive care, and hospital costs. Accident insurance also provides for loss of income, and a death benefit if injuries prove fatal. Accumulated Depreciation - Answer The total decrease in an item's value over a period of time. Formula: (annual depreciation x number of years used). Subtract this number from the item's replacement cost to get its actua...

Well-structured LRM2601 Assignment 6 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!)..... Read the case study and then answer the questions that follow. A TOUGH SITUATION AT GOLDEN WHEELS TRANSPORT SERVICES Sipho is a young, ambitious man pursuing a Diploma in Logistics Management through a part-time programme at the University of South Africa. As the primary breadwinner for his family, he supports his younger sister, who is still in school, an...

Property and Casualty Insurance Exam – Georgia correctly answered 2023 rated A+BPP building coverage insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property at other residences the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premis...

ADJUSTER PRO EXAM WITH REVISED ANSWERS (2023) Stu has a collection of rare comic books. He wants to purchase theft insurance for his collection, separate from his home and other property. What term most accurately describes the type of policy Stu would purchase? - CORRECT ANSWER-Monoline Policy Which of the following statements does NOT apply to the Standard Fire Policy? - CORRECT ANSWER-It automatically covers wind and vandalism. Which of the following refers to being restored to the ...

Property and Casualty Insurance Exam – Georgia Questions and Answers 100% Pass BPP building coverage insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property at other residences the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premi...

Con Exam Questions and Answers All Correct Express Actual Authority: - Answer-Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: - Answer-authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: - Answer-someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: - Answer-he FAR and states ...

Sole Proprietorship - correct answer a business owned by one person. The business is a separate entity for accounting purposes. However, a proprietorship is not a separate legal entity from its owner. Partnership - correct answer a business owned by two or more people, called partners, who are jointly liable for tax and other obligations. Like a proprietorship, no special legal requirements must be met in starting a partnership. The only requirement is an agreement bet...

Adjuster Pro - Florida Certified Adjuster Glossary Exam Prep 2023. Accumulated Depreciation - ANSWER The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER One of the characteristics of an insurance contrac...

Renunciation of Authority - ️️The act by which a person abandons a right acquired without transferring it to another. Employee - ️️One who works for another under an express or implied contract. The employer has control over the conduct of the employee Actual Authority - ️️Authority an agent actually possesses. Maybe expressed or implied. Agency - ️️Relations in which one person, the agent, acts on behalf of another, the principal. Agency by Estoppel or Apparent Authority...